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The Government of Sierra Leone has reassured citizens that petroleum products will remain available across the country despite rising global oil prices driven by international developments.
Minister of Finance, Sheku Fantamadi Bangura, said the government is working closely with relevant institutions to ensure a steady supply of fuel while addressing the factors behind recent increases in pump prices.
According to the Minister, part of the latest rise in petroleum prices is linked to the ongoing conflict in the Middle East, which has disrupted global oil markets and increased import costs for fuel-importing countries such as Sierra Leone.
Bangura disclosed that the Ministry of Finance, in collaboration with the National Petroleum Regulatory Authority (NPRA) and trade authorities, is engaging Oil Marketing Companies (OMCs) to help maintain stable supply chains and coordinate fuel imports into the country.
He noted that rising fuel prices often have a ripple effect on the economy, leading to higher transportation fares and increased costs of goods that rely on road transport. As a result, households and small businesses are likely to face increased pressure on their cost of living.
The Finance Minister also emphasized the importance of long-term strategies such as energy diversification. He said reducing the country’s dependence on imported petroleum through investments in renewable energy, improved public transportation systems, and energy efficiency measures would help lessen Sierra Leone’s vulnerability to external shocks.
Bangura further explained that government decisions on fuel pricing involve significant fiscal trade-offs. While reducing fuel taxes could help ease the burden on consumers, it would also affect government revenue and budget priorities. Conversely, increasing excise duties would generate more revenue but could further raise the cost of living for citizens.
The Minister called on civil society organizations and petroleum analysts to help educate the public about the key factors driving fuel price adjustments, noting that international market fluctuations have led to increases of between 30 and 45 percent in global petroleum prices in recent periods.
He concluded by reiterating that while the government is taking immediate measures to ensure fuel availability, citizens should expect continued price pressures influenced by both international developments and domestic fiscal policy considerations.
